The Dow Jones Industrial Average breached the 23,000-mark for the first time on Tuesday, driven by strong earnings from UnitedHealth and Johnson & Johnson, but the S&P 500 was flat.
The blue-chip index has surpassed four similar 1,000-point milestones this year, indicating investor faith in the bull-run despite lofty stock valuations. For a factbox, see
But the Dow was unable to hold the level and has been trading below 23,000 for much of the afternoon.
"My view is it may take several days or a couple of weeks before it can sustain a level above 23,000," said Robert Pavlik, chief market strategist at Boston Private Wealth in New York.
"Right now, we`re contending with earnings season, and the fact that the market has run up, leading up to the earnings season."
The S&P 500 was flat, with financials the biggest drag.
Goldman Sachs
Shares of the largest U.S. health insurer UnitedHealth
That, along with a 3.6 percent rise in Johnson & Johnson
The Dow Jones Industrial Average <.dji> was up 29.42 points, or 0.13 percent, at 22,986.38, after briefly hitting the 23,000 mark earlier.
The S&P 500 <.spx> gained 0.14 points, or 0.01 percent, to 2,557.78 and the Nasdaq Composite <.ixic> dropped 3.89 points, or 0.06 percent, to 6,620.11.
Netflix
Declining issues outnumbered advancing ones on the NYSE by a 1.51-to-1 ratio; on Nasdaq, a 1.77-to-1 ratio favoured decliners.
(This article has not been edited by Zeebiz editorial team and is auto-generated from an agency feed.)
Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.
RECOMMENDED STORIES
8th Pay Commission: If implemented, how much salary hike is expected? Check latest update on pay matrix of central employees
Met Gala 2024: When and how to watch Met Gala red carpet livestream in India - Check date, time, venue, theme, guest list and other details
01:13 AM IST